Valaris (NYSE:VAL) Shares Up 7.8% – Still a Buy?

Valaris Limited (NYSE:VAL)’s share price shot up 7.8% during mid-day trading on Monday. The stock traded as high as $83.89 and last traded at $84.5390. Approximately 249,474 shares changed hands during trading, a decline of 79% from the average daily volume of 1,207,218 shares. The stock had previously closed at $78.39.

Analyst Ratings Changes

A number of equities analysts have commented on VAL shares. Weiss Ratings raised shares of Valaris from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, August 17th. Susquehanna raised their price target on shares of Valaris from $80.00 to $86.00 and gave the stock a “neutral” rating in a report on Monday. Six analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $67.80.

Valaris Stock Down 1.7%

The business’s 50 day moving average price is $83.42 and its 200-day moving average price is $87.55. The firm has a market capitalization of $5.70 billion, a PE ratio of 6.13 and a beta of 1.04. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.55 and a current ratio of 1.55.

Valaris (NYSE:VAL) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.41. Valaris had a net margin of 43.95% and a return on equity of 9.25%. The firm had revenue of $539.20 million during the quarter, compared to analysts’ expectations of $488.52 million. During the same quarter last year, the company posted $1.61 EPS. The firm’s quarterly revenue was down 12.4% on a year-over-year basis. As a group, equities research analysts forecast that Valaris Limited will post 3.25 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. HBK Investments L P acquired a new stake in Valaris during the 2nd quarter worth approximately $114,355,000. Whitebox Advisors LLC acquired a new position in shares of Valaris in the first quarter worth $57,249,000. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Valaris by 67.8% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,363,230 shares of the company’s stock worth $133,651,000 after acquiring an additional 550,987 shares in the last quarter. Norges Bank purchased a new stake in shares of Valaris during the fourth quarter worth $23,581,000. Finally, Goehring & Rozencwajg Associates LLC increased its position in shares of Valaris by 24.2% during the first quarter. Goehring & Rozencwajg Associates LLC now owns 1,319,351 shares of the company’s stock worth $129,349,000 after acquiring an additional 257,281 shares during the period. 96.74% of the stock is currently owned by hedge funds and other institutional investors.

Valaris Company Profile

Valaris Limited (NYSE: VAL) is an offshore drilling contractor that provides drilling services to oil and gas companies worldwide. The company operates a fleet of offshore rigs, including drillships, semisubmersible rigs and jackup rigs, used to explore for and develop offshore energy resources.

Its services support drilling programs in a range of offshore environments, from shallow-water projects using jackup rigs to deepwater and ultra-deepwater operations using drillships and semisubmersible rigs.